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US major Chevron, which manages Saudi Arabia’s 50% interests in the Neutral Zone, sees no significant impact on its production or cash flow from a possible exit from the concession.
Chevron has served notice that its future operations in the so-called Partitioned Neutral Zone (PNZ) shared by Saudi Arabia and Kuwait, are at risk because of an ongoing dispute between the two neighbors on management of their shared resources.
Chevron has not confirmed reports that its Saudi subsidiary, Chevron Arabia, has informed its Kuwaiti partner that it plans to halt operations at the Wafra and three other onshore fields on 13 May at the latest. However, it said in a recent update that it produced 76,000 b/d from the onshore PNZ fields in the first quarter, only slightly below last year’s average, but that future production may be impacted. (CONTINUED - 489 WORDS)